Marketing plays an important role in connecting the customers and the business whether it is online or offline. It is applicable to all types of businesses. In the digital era we are currently living in, businesses, small or big are mostly on online platforms like Amazon and Flipkart. The employee and the ideal customers are connected through SEO, email marketing, and of course, social media. Not only in India even in foreign countries, but online marketing also helps to provide a huge range of exposure about the product or service a company provides to potential customers. Various strategies are used for marketing both online and offline.
Marketing Segmentation- Definition
As mentioned before, marketing is done through various strategies like Social Media campaigns, Email Marketing, etc. One of the strategies mainly used is marketing segmentation. Marketing segmentation is basically a popularly used marketing strategy that is popularly used nowadays that includes selecting consumers who are most likely to become potential customers so that certain products can be displayed in a way pleasable to them. Marketers often segment consumers into groups based on similar age, gender, family size, religion, nationality, income, and education level.
There are primarily six types of marketing segmentation. They include:
There are 5 prominent features of marketing segmentation that make it one of the most widely used marketing strategies nowadays:
Importance of Marketing Segmentation
- Co-Ordination of Product and Marketing Appeals
- Better Position to Spot Marketing Opportunities
- Allocation of Marketing Budget
- Meeting the Competition Effectively
- Effective Marketing Programme
Some major advantages of this type of marketing strategy are:
- Focus on the customers that matter most
- Power new product development
- 3. Design more effective marketing
- 4. Deliver better customer service
- 5. Use your resources more efficiently.
Disadvantages or Challenges
Like all other marketing strategies, the marketing segmentation has some disadvantages or challenges in its applications. They include:
- It gives you greater focus.
- It can give your brand a stronger identity.
- It reveals opportunities for innovation.
- More accurate and targeted marketing.
- It can drive international expansion for your brand.
- Limited Production
- Expensive Production.